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Gambling Panelist: California Could Profit From Sports Betting

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SACRAMENTO, Calif. — An appointee of Gov. Jerry Brown to the California Gambling Control Commission says the state could reap hundreds of millions of dollars annually if betting on sports were legalized.

yasiel-puig

Yasiel Puig (credit: Los Angeles Times)

“There is the opportunity to raise money for the state,” Richard J. Schuetz told the Senate Rules Committee on Wednesday. “More importantly, it would remove a criminal element.”

Although legislation has been introduced creating a format for legalized sports betting in California, Schuetz noted that Congress would first have to change federal law to legalize that form of gambling in California.

A legislative analysis of the bill by Sen. Roderick Wright (D-Inglewood) said the state might bring in $16 million from a 7.5% tax on gross revenue from legal sports betting operations.

Click here to read the full story on LATimes.com.

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